Business

The Two-Way
9:33 am
Fri June 1, 2012

Stocks Drop On Weak Jobs News

Originally published on Fri June 1, 2012 4:57 pm

Stock prices fell on Wall Street today as investors digested the much-weaker-than-expected report on job growth in May.

The damage? The Dow plunged 274 points or 2.2 percent. The Nasdaq fell 80 points or 2.82 percent.

CNN Money reports the Dow had the worst day of 2012, erasing "all its gains for the year."

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Economy
9:10 am
Fri June 1, 2012

Graphics: Tracking U.S. Monthly Unemployment

NPR

Originally published on Fri October 5, 2012 10:44 am

U.S. employers added 114,000 jobs in September, the Labor Department reports. And the unemployment rate fell to 7.8 percent, marking the first time since President Obama took the oath of office in January 2009 that the U.S. jobless rate is under 8 percent.

Copyright 2012 National Public Radio. To see more, visit http://www.npr.org/.

The Two-Way
8:53 am
Fri June 1, 2012

Just 69,000 Jobs Added In May; Unemployment Rate Edges Up To 8.2 Percent

Originally published on Fri June 1, 2012 1:31 pm

Horrid. Lousy. Awful.

Those are just three of the words economists are using to describe the news that just 69,000 net jobs were added to public and private payrolls last month — and that the nation's jobless rate edged up to 8.2 percent from April's 8.1 percent.

The news has raised fears that the hoped-for strengthening of the economy may not materialize.

We posted on the news and followed with details from the report and reaction to it. It's now 11:22 am. ET, here's our original post and earlier updates:

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The Two-Way
7:09 am
Fri June 1, 2012

Did Jobs Grow Fast Enough In May? Probably Not

Hoping for work: Job seekrs lined up Thursday at a job fair in Los Angeles.
Kevork Djansezian Getty Images

Originally published on Fri June 1, 2012 8:35 am

Breaking news at 8:34 a.m. ET: "Unemployment Rate 8.2 Percent In May As Just 69,000 Jobs Added

Our original post:

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Business
5:29 am
Fri June 1, 2012

New Owner Wants To Rescue Struggling Talbots

Originally published on Fri June 1, 2012 9:04 am

Transcript

DAVID GREENE, HOST:

Talbots, the women's clothing seller, has been struggling lately. And now it's getting a new owner. The private equity firm Sycamore Partners hopes to turn around the 65-year-old retailer.

From member station WBUR in Boston, Curt Nickisch reports.

CURT NICKISCH, BYLINE: Talbots' core customers have been people like Ava Beaulieu, who's a strategic planner at a Boston health care company.

AVA BEAULIEU: In the past, I would buy suits, dresses, shoes and accessories for work.

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Economy
5:29 am
Fri June 1, 2012

Political Teams Pay Attention To Monthly Jobs Report

Originally published on Fri June 1, 2012 9:04 am

The Labor Department said the U.S. economy added 69,000 jobs last month — far fewer than analysts expected. The unemployment rate also rose to 8.2 percent, up from 8.1 percent in April. The monthly jobs report is an important weather vane for anyone trying to get a bead on which way the economic winds are blowing.

Economy
5:29 am
Fri June 1, 2012

Is Michigan Rebounding? Depends Who You Ask

Originally published on Fri June 1, 2012 9:04 am

Transcript

DAVID GREENE, HOST:

This election year we've seen a lot of cases where different people look at the same economic situation and come to different conclusions. And that seems to be happening in Michigan. It's America's comeback state - that according to its governor, Rick Snyder. Unemployment there is dropping, as the U.S. auto industry rebounds. And the state has a budget surplus for the first time in years.

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Business
5:29 am
Fri June 1, 2012

Chesapeake Energy Drives Oklahoma City's Economy

Originally published on Fri June 1, 2012 9:04 am

Transcript

DAVID GREENE, HOST:

And now let's look at how plunging natural gas prices might affect another energy company and the city calls home. Oklahoma City has been on a roll lately. Its unemployment rate is one of the lowest in the country. Its pro basketball team, the Thunder, has gone deep into the NBA playoffs. And the city has a world-class Olympic rowing venue.

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NPR Story
5:20 am
Fri June 1, 2012

Draghi Warns Euro Framework Is 'Unsustainable'

Originally published on Fri June 1, 2012 9:04 am

Transcript

DAVID GREENE, HOST:

This is MORNING EDITION from NPR News. Good morning. I'm David Greene. The financial woes of Greece and other countries of the eurozone, have meant painful austerity measures in exchange for financial bailouts. Now, Irish voters have approved a European Union treaty to battle the debt crisis. It's an effort to enforce strict budget cuts or face financial penalties.

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Planet Money
2:59 am
Fri June 1, 2012

A Front-Row Seat At A Bank Run

Petros Giannakouris ASSOCIATED PRESS

Originally published on Fri June 1, 2012 9:04 am

A decade ago, investors thought Greece would flourish on the euro. Money poured in, and banks started lending it out. Thefilos Papacostakis, a bank teller at Alpha Bank in Thessaloniki, got to hand out a lot of that money.

Last month, Thefilos says, his bosses called him in for a meeting. They told him things were about to get worse. When countries are in this kind of trouble, the bosses said, people panic and pull their money out of banks.

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Europe
4:55 pm
Thu May 31, 2012

Central Bank President Warns That Euro Is Unstable

Originally published on Thu May 31, 2012 10:58 pm

Transcript

MELISSA BLOCK, HOST:

This is ALL THINGS CONSIDERED, from NPR News. I'm Melissa Block.

ROBERT SIEGEL, HOST:

And I'm Robert Siegel. The euro needs a vision - that was the message today from European Central Bank president Mario Draghi, speaking before the European Parliament. He warned that the current plan backing the single currency is unsustainable.

And as NPR's Sylvia Poggioli reports, governments may have to make some tough choices to keep the eurozone intact.

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The Two-Way
3:48 pm
Thu May 31, 2012

For Many Teens, Summer Jobs May Be Thing Of The Past

Tom Auffhammer, 17 (right) scoops ice cream in Syracuse, N.Y. Teens continue to face stiff competition for summer jobs, but a downward trend in summer hiring for teens actually predates the recession.
Michelle Gabel The Post-Standard/Landov

The school year's winding down, meaning teenagers around the country will soon be trying to pull in some extra cash scooping ice cream or manning those kiosks at the mall.

But with the job market still weak, teens are facing stiff competition landing summer jobs. And while the downturn has hit young job seekers particularly hard, it's not just the lingering effects of the Great Recession working against them: the drop-off in teen summer hiring actually began long before 2007.

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Economy
11:06 am
Thu May 31, 2012

U.S. Economic Growth Falls Short Of Expectations

Transcript

DAVID GREENE, HOST:

NPR's business news starts with starts with some discouraging numbers.

(SOUNDBITE OF MUSIC)

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The Two-Way
8:40 am
Thu May 31, 2012

Job Growth Slow, Jobless Claims Up, GDP Revised Down

Originally published on Thu May 31, 2012 8:49 am

The number of jobs on private employers' payrolls grew by a modest 133,000 positions from April to May, according to the latest ADP National Employment Report.

ADP's monthly report is sometimes a decent barometer of what the Bureau of Labor Statistics will say when it issues its employment estimates. We're due to hear from BLS about the May employment situation on Friday at 8:30 a.m. ET.

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Election 2012
3:36 am
Thu May 31, 2012

The Fine Political Art Of Jobs Forecasting

A sign outside a McDonald's restaurant in Chesterland, Ohio, advertises job openings earlier this month.
Amy Sancetta AP

Originally published on Thu May 31, 2012 8:17 am

Friday is jobs day, when the federal government releases its monthly unemployment report. It's also just about five months before the presidential election.

When the two presidential contenders talk about unemployment, they're trying to balance their rhetoric between optimism, pessimism and reality.

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Youth Radio
2:52 am
Thu May 31, 2012

Matchmaker, Matchmaker, Find Me A Part-Time Job

An image from the TaskRabbit website shows one of the company's workers assembling a piece of furniture — a task the site says will pay $45.
NPR

Originally published on Thu May 31, 2012 5:21 am

The unemployment rate is 8.1 percent, but the underemployment rate — that's people who work part time but want full-time work — is much higher. For many people, making ends meet means cobbling together various part-time jobs. And there are some apps for that.

Shannon Mills has blanketed the floor in a spacious home in Corte Madera, Calif., with protective plastic. Now she's taping off the trim, getting ready to paint over the peach-colored living room walls with the more neutral "bisque" shade waiting in cans at her feet.

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American Dreams: Then And Now
3:29 pm
Wed May 30, 2012

Sizing Up The American Dream

In a nation as diverse as the United States, the idea of "the American dream" means different things to different people. Many associate the dream with intangible ideals like freedom of expression, freedom of religion, optimism and family ties. But the American dream has also long been associated with attaining a higher standard of living, particularly one that surpasses that of the previous generation.

American Dreams: Then And Now
2:46 pm
Wed May 30, 2012

With The American Dream Comes The Nightmare

Unemployed circus clown Tim Torkildson, aka Dusty the Clown, sits on a bench on the north side of the U.S. Capitol in May.
Bill Clark CQ Roll Call

Originally published on Mon August 6, 2012 11:34 am

One American's dream can be another American's nightmare.

Consider: Some people long to live in big cities; others think cities have ruined the landscape. Some Americans love to drive big old honking SUVs; others see huge cars as pollution-producing monsters. For some people, the American dream is a steady office job. For others, the office is a sinkhole and the real dream is freedom from the office.

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Economy
11:44 am
Wed May 30, 2012

Is Subprime Lending Making A Comeback?

Auto sales are on the rise in Detroit, and not just for people with perfect credit. Chrysler and other companies are targeting customers with subprime credit, and giving them interest rates well above what you might imagine. Host Michel Martin speaks with NPR's Sonari Glinton about who's doing it, and what it might mean for the economic recovery.

Europe
5:17 am
Wed May 30, 2012

Irish To Vote On Stricter Budgetary Rules

Originally published on Wed May 30, 2012 7:10 am

Transcript

RENEE MONTAGNE, HOST:

This is MORNING EDITION from NPR News. Good morning. I'm Renee Montagne.

DAVID GREENE, HOST:

And I'm David Greene.

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Business
5:17 am
Wed May 30, 2012

Spain's Retail Sales Drop Amid Belt Tightening

Originally published on Wed May 30, 2012 6:44 am

In Spain, retail sales for April plunged to a seasonally adjusted 9.8 percent from a year ago. It's the fastest decline on record. The drop in sales is being blamed on Spain's severe austerity program.

Architecture
3:17 am
Wed May 30, 2012

Forget Big-Box Stores. How About A Big-Box House?

The architecture firm HyBrid, which specializes in designing buildings from recycled shipping containers, created this solar-powered house for Sunset Magazine.
Amy Eastwood

Originally published on Wed May 30, 2012 5:17 am

When it comes to architecture, sustainability and affordability can mean many things: Salvaged wood becomes new flooring, old newspapers are shredded into insulation.

But a few architects are taking green building one step further: creating entire homes and businesses out of discarded shipping containers — an approach some have dubbed "cargotecture."

Approximately a quarter-million shipping containers pass through Oregon's Port of Portland each year. These are big boxes — 40 feet long and weighing thousands of pounds.

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Asia
4:33 pm
Tue May 29, 2012

India's Parliament Blamed For Slow Economic Growth

Originally published on Tue May 29, 2012 8:45 pm

Transcript

MELISSA BLOCK, HOST:

You're listening to ALL THINGS CONSIDERED from NPR News.

India's economy has been a success story with growth second only to China. But that boom may now be slowing. Figures from last year's growth are expected to show a drop from eight to six percent. The government also faces increasing deficits, a plummeting currency and a political deadlock in parliament. Elliot Hannon has our story from New Delhi.

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American Dreams: Then And Now
4:22 pm
Tue May 29, 2012

On The Economic Ladder, Rungs Move Further Apart

Kevin Hill, a San Diego landscape designer, was doing well financially before the downturn. Now, he says he feels "lost."
John Ydstie NPR

Originally published on Tue May 29, 2012 8:45 pm

America is the land of opportunity — that's the bedrock of the American dream. Many expect each generation to do better than the last.

That dream of economic mobility is alive and well for Pam Krank and her husband, Brian McGee. The two are proud owners of The Credit Department Inc., a successful business in the Minneapolis suburb of Mendota Heights.

"Mostly manufacturing companies around the world will hire us to study their customers and tell them how much ... unsecured credit they should grant to each customer," Krank explains.

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The Two-Way
10:16 am
Tue May 29, 2012

On Second Thought, Maybe Consumer Confidence Isn't That High

Originally published on Tue May 29, 2012 10:45 am

Last week, the researchers who put out the Thomson Reuters/University of Michigan Survey of Consumers said their index rose in May to "its highest level since October 2007" — before the last recession began.

But when it comes to economics, there always seem to be an "on the other hand" moment coming — especially when the economy appears to be at a turning point.

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The Two-Way
9:21 am
Tue May 29, 2012

Home Prices Haven't 'Turned,' But Some Edged Up As Quarter Ended

Originally published on Tue May 29, 2012 9:41 am

Home prices slipped further in the first quarter, according to the widely watched S&P/Case-Shiller Home Price Indices. It reports that:

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Business
4:34 am
Tue May 29, 2012

How Firms Can Recover From High-Tech Stumbles

Originally published on Tue May 29, 2012 5:49 am

Bloomberg News technology columnist Rich Jaroslovsky talks to David Greene about what happens when good gadgets go bad. Whether it's failed hardware or software, how a company handles a botched release has become increasingly important.

It's All Politics
3:04 am
Tue May 29, 2012

Dire Predictions Amid Another Looming Fiscal Battle

Originally published on Tue May 29, 2012 11:27 am

There are growing warnings on Capitol Hill that the nation could be rolling toward an end-of-the-year fiscal train wreck.

"The looming tax hike will be absolutely devastating," Senate Minority Leader Mitch McConnell, R-Ky., said.

"You can call this a fiscal cliff. You can call it 'Taxmageddon' as others have done. Whatever you call it, it will be a disaster for the middle class," Sen. Orrin Hatch, R-Utah, added.

And Sen. Ben Nelson, D-Neb., said: "It's a tsunami; there's no question about it, and it's coming."

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American Dreams: Then And Now
3:02 am
Tue May 29, 2012

American Dream Faces Harsh New Reality

The American Dream has long evoked the idea that the next generation will have a better life than the previous one. Today, many Americans feel that dream is in jeopardy.
H. Armstron Roberts CORBIS

Originally published on Tue May 29, 2012 4:34 am

The American Dream is a crucial thread in this country's tapestry, woven through politics, music and culture.

Though the phrase has different meanings to different people, it suggests an underlying belief that hard work pays off and that the next generation will have a better life than the previous generation.

But three years after the worst recession in almost a century, the American Dream now feels in jeopardy to many.

The town of Lorain, Ohio, used to embody this dream. It was a place where you could get a good job, raise a family and comfortably retire.

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Family Matters: The Money Squeeze
3:01 am
Tue May 29, 2012

Family Matters: Pitching In To Take Care Of Grandma

Chris Martin, 14, greets his great-grandmother AnnaBelle Bowers, 87, who lives part time with the Martin family in Harrisburg, Pa.
Kainaz Amaria NPR

Originally published on Tue March 5, 2013 9:18 am

On a recent evening, the Martin family of Harrisburg, Pa., had too many places it needed to be.

AnnaBelle Bowers, the 87-year-old matriarch of the family who is also known as "Snootzie," was at home — watching television and getting ready for bed.

Someone needed to care for her. That fell to Chris Martin, her 14-year-old great-grandson.

His willingness to stay at home meant his sister, Lauren, could play in a softball game.

It also meant her parents, David and LaDonna Martin, could watch.

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